In a recent announcement, President Claudia Sheinbaum disclosed that starting this week, the Ministry of Finance and Public Credit (SHCP) will implement a subsidy for fuels by decreasing the IEPS on both gasoline and diesel. This decision comes amidst rising fuel prices driven by global tensions, particularly the conflict between the United States and Israel against Iran, which has disrupted oil availability and caused prices to spike. Sheinbaum expressed the importance of addressing these concerns in light of the annual commemoration of the 1938 oil expropriation slated for March 18.

The president highlighted the challenges posed by the closure of the Strait of Hormuz by Iran, which has affected global oil distribution and contributed to significant price increases. Sheinbaum pointed out that not only have prices soared, but there is also a growing scarcity of fuel in various regions, particularly as supply from Arab nations diminishes. This situation has necessitated governmental intervention to stabilize fuel prices and alleviate the burden on consumers who are feeling the effects of these international developments.

The upcoming announcements regarding measures to ensure energy sovereignty reflect the government's proactive stance in managing economic impacts stemming from global conflicts. The subsidy initiative is aimed at fostering more stability in the domestic fuel market, thus addressing public concerns over the fluctuating costs of essential goods. As the situation evolves, the government will continue to monitor these dynamics to provide necessary support to its citizens in the face of international oil market volatility.